Published Date : Apr 27, 2016
Ammunition is in great demand by various armed troops and government defense armies to prevent threats from terrorists. The growth of the ammunition market is due to the changing requirement of the military and law enforcements. Increasing civilian participations in shooting related sports is aiding the growth of the global ammunition market. Increasing expenditure on arms race and for military enhancements, especially in Asia Pacific region is expected to boost the global ammunition market further.
According to a report published by a market intelligent firm called Transparency Market Research, the global ammunition market is expected to expand at a CAGR of 3.7% between 2015 and 2021, after being valued at US$11.48 bn in 2014 and is expected to account for US$14.87 bn in 2021.
Europe to Dominate the Global Ammunition Market
Geographically, the global ammunition market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Out of these, Europe dominated the global market in 2014, accounting for 35% of the market. The market will continue to be dominated by Europe in future. Growing interest for modern and technologically advanced ammunition among the armed troops is the reason behind the region’s growth in the ammunition market. Russia is estimated to be the most dominating European nation in the global market and is one of the major exporters of ammunitions across Asia Pacific and Rest of the World.
Based on application, the global ammunition market is segmented into military, commercial, and law enforcement. The military segment is expected to dominate the market. However, the demand for ammunition from the commercial and law enforcement sector is also expected to grow. Moreover, the rising demand from the commercial market worldwide is also expected to influence a positive shift to the growth of the global ammunition market over the forecast period.